Northrook, IL -- (SBWIRE) -- 10/17/2019 -- The Automotive Blockchain Market is projected to grow from USD 0.35 billion in 2020 to USD 5.29 billion by 2030, at a CAGR of 31.19% during the forecast period. Increasing focus on reducing manipulation of data, better quality control, and the need for faster business transactions have triggered the growth of the automotive blockchain market.

The automotive blockchain market consists of companies such as IBM (US), Microsoft (US), Accenture (Ireland), carVertical (Estonia), Helbiz (US), Tech Mahindra (India), SHIFTMobility (US), and BigchainDB (Germany).

The Americas region will be one of the early adopters of the blockchain technology for automotive applications and is estimated to be the major contributor to the automotive blockchain market over the forecast period. The growth will likely be driven by two key factors increasing demand for transparency and immutability in business operations and the significant investments by technology providers in the blockchain platform. In May 2018, SHIFTMobility revealed the world's first blockchain-powered platform for the automotive industry. The platform will help connect, understand, and harness the demand from the myriad of vehicles and supply chain apps, commerce channels, enhanced diagnostics, and transportation logistics for now and in the autonomous future. The major companies such as IBM, AWS, and Microsoft, which have their operating base in the Americas, have a major impact on the regional and global market. Also, the strong financial position of this region allows these countries to invest heavily in leading technologies such as automotive blockchain.

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The smart contracts segment is projected to be the fastest-growing segment in the automotive blockchain market, by the application. Smart contracts have a significant number of applications in the automotive industry, such as title transfer, dealership management, and B2B contractual agreements. For example, in May 2017, smart contracts enabled Innogy SE to launch hundreds of blockchain-powered charging stations for electric cars across Germany through its e-mobility startup venture Share&Charge. The significant concept testing and implementations of blockchain-based smart contract in the automotive industry is expected to play a major role in the growth of this market for smart contracts.

In the automotive blockchain market, by the provider, the application and solution provider segment is projected to hold the largest market share because of the introduction of technologically advanced blockchain solutions and the significant investments by OEMs and Tier I companies in the automotive blockchain in partnership with solution providers. Additionally, applications and solutions require higher costs to develop and maintain than middleware and platforms. Hence, the revenue generated by the application and solution providers is higher.

Personal mobility is projected to be the largest segment of the automotive blockchain market, by mobility type. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power have triggered the demand for personal mobility across the globe. As passenger car production and sales constitute the largest share of the revenue generated by all industry participants, the applications of blockchain are also projected to generate maximum revenues from the production, sales, and services related to passenger cars or personal mobility. Additionally, leading OEMs and Tier I companies have started implementing blockchain to streamline their operations. For instance, in July 2017, automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain.

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Asia Oceania is projected to be the fastest-growing market for automotive blockchain. In recent years, the region has emerged as a hub for automobile production. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power has triggered the demand for automobiles in the region. The growing automotive industry in Asia Oceania is set to adopt blockchain technology to increase transparency and combat fraud in the automotive sector. For instance, in 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, decided to invest USD 50.0 million in blockchain technology. Hence, these developments are expected to drive the growth of automotive blockchain in the region in the near future. Additionally, China and India, being the leading markets for mobility solutions, have the potential to integrate blockchain technology in ridesharing applications.

Target Audience:

- Automotive OEMs
- Automotive blockchain platform providers
- Application and service providers
- Cloud service providers
- Crypto-currency companies
- Investors and venture capitalists
- Infrastructure and protocols providers
- Technology providers
- The automobile industry as an end-user industry and regional automobile associations
- Traders, distributors, and suppliers in the automotive blockchain industry
- Automotive blockchain system suppliers
- Research institutes and government organizations

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